LogMein Inc. (LOGM) PT Lowered to $98.00 at Needham & Company LLC
LogMein Inc. (NASDAQ:LOGM) had its price target cut by analysts at Needham & Company LLC from $114.00 to $98.00 in a research note issued on Friday. The brokerage presently has a “strong-buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 9.36% from the stock’s previous close.
LOGM has been the subject of a number of other research reports. Zacks Investment Research raised LogMein from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Wednesday, October 5th. Barclays PLC raised LogMein from an “underweight” rating to an “overweight” rating and upped their price target for the company from $82.00 to $105.00 in a research report on Monday, October 3rd. TheStreet raised LogMein from a “hold” rating to a “buy” rating in a research report on Wednesday, July 27th. Piper Jaffray Cos. reaffirmed an “overweight” rating on shares of LogMein in a research report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. upgraded LogMein from a “neutral” rating to an “overweight” rating and set a $96.00 target price on the stock in a report on Wednesday, July 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. LogMein presently has an average rating of “Buy” and a consensus target price of $84.22.
Shares of LogMein (NASDAQ:LOGM) traded down 0.81% during midday trading on Friday, reaching $88.88. The company’s stock had a trading volume of 79,386 shares. LogMein has a 52-week low of $35.00 and a 52-week high of $95.99. The stock has a 50-day moving average price of $89.73 and a 200-day moving average price of $70.18. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 174.62 and a beta of 1.37.
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LogMein (NASDAQ:LOGM) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.03. LogMein had a return on equity of 12.99% and a net margin of 4.29%. The firm earned $83.30 million during the quarter, compared to analyst estimates of $81.80 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue was up 28.4% compared to the same quarter last year. Equities research analysts anticipate that LogMein will post $1.93 earnings per share for the current fiscal year.
In other LogMein news, Director Steven G. Chambers sold 4,540 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $84.42, for a total transaction of $383,266.80. Following the sale, the director now directly owns 1,850 shares in the company, valued at approximately $156,177. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Marilyn Matz sold 500 shares of the stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $83.20, for a total value of $41,600.00. Following the sale, the director now owns 1,950 shares in the company, valued at $162,240. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in LogMein by 43.0% in the first quarter. Renaissance Technologies LLC now owns 901,000 shares of the company’s stock valued at $45,464,000 after buying an additional 270,800 shares during the last quarter. Bank of Montreal Can purchased a new position in LogMein during the second quarter valued at $15,298,000. BlackRock Inc. boosted its position in LogMein by 1.1% in the first quarter. BlackRock Inc. now owns 17,141 shares of the company’s stock valued at $865,000 after buying an additional 194 shares during the last quarter. Aperio Group LLC boosted its position in LogMein by 35.6% in the first quarter. Aperio Group LLC now owns 4,968 shares of the company’s stock valued at $251,000 after buying an additional 1,305 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new position in LogMein during the second quarter valued at $7,860,000.
LogMein Company Profile
LogMeIn, Inc provides a portfolio of cloud-based service offerings, which helps people and businesses to connect to their workplace, colleagues and customers. The Company’s product line includes AppGuru, BoldChat, Cubby, join.me, LastPass, LogMeIn Pro, LogMeIn Central, LogMeIn Rescue, LogMeIn Rescue+Mobile, LogMeIn Backup, LogMeIn for iOS, LogMeIn Hamachi, MeldiumTM, Xively and RemotelyAnywhere.
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